TCS Q3 net profit jumps 12.27% to Rs crore 9,769 crore; buyback plan worth Rs 18,000 crore approved – Times of India

NEW DELHI: India’s largest software services firm Tata Consultancy Services (TCS) on Wednesday reported 12.27 per cent rise in consolidated net profit for the third quarter (Q3) ended December 31, 2021.
The company had posted a net profit of Rs 8,701 crore in the same period last year.
In terms of quarter-on-quarter growth, TCS net profit jumped 1.5 per cent from Rs 9,624 crore posted in previous quarter ended September 30, 2021.
The company’s board also approved a buyback plan worth Rs 18,000 crore for its shareholders at Rs 4,500 per scrip.
TCS’ previous buyback offer of around Rs 16,000 crore had opened on December 18, 2020, and closed on January 1, 2021. Over 5.33 crore equity shares were bought back under the offer for Rs 3,000 apiece.
In 2018, TCS had undertaken a share buyback programme worth up to Rs 16,000 crore. The buyback, at Rs 2,100 per equity share, had entailed up to 7.61 crore shares. In 2017 too, TCS had taken a similar share purchase programme.
Shares of the company closed 1.5 per cent lower at Rs 3,857 on both BSE and NSE.